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Xperi Corp (XPER) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Xperi Corp

CIK: 1690666

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

XPERI CORPORATION announces THIRD quarter 2018 Results

San Jose, Calif. (November 7, 2018) –

Xperi Corporation (Nasdaq: XPER) (the “Company” or “we”) today announced financial results for the third quarter ended September 30, 2018.

“During the third quarter, we delivered billings in line with our expectations and managed operating expenses below the low end of our range, resulting in better-than-expected profitability.  In product licensing, we announced a significant strategic partnership with IMAX that significantly enhances our content ecosystem supporting growth opportunities in the home and mobile markets,” said Jon Kirchner, chief executive officer of Xperi. “On the Semiconductor and IP licensing side, interest in our hybrid bonding solutions is accelerating and we have now engaged multiple partners in evaluations of our DBI technology for memory applications including stacked DRAM and 3D NAND. We believe this technology is going to be widely deployed by the memory industry over the long term.”

Financial Highlights

($ and share count in thousands)

 

 

 

GAAP

 

 

Non-GAAP

 

 

 

Q3 2018

 

 

Q3 2017

 

 

Q3 2018

 

 

Q3 2017

 

Billings 1

 

$

100,587

 

 

$

85,308

 

 

$

100,587

 

 

$

85,308

 

Total Operating Expense 2

 

$

92,126

 

 

$

98,434

 

 

$

57,465

 

 

$

58,642

 

Interest Expense 1

 

$

6,343

 

 

$

7,371

 

 

$

6,343

 

 

$

7,371

 

Other Income / (Expense) 2

 

$

1,737

 

 

$

739

 

 

$

160

 

 

$

739

 

Cash Tax Payments 1

 

$

4,462

 

 

$

4,405

 

 

$

4,462

 

 

$

4,405

 

Diluted Shares Outstanding

 

 

48,958

 

 

 

49,469

 

 

 

51,776

 

 

 

52,794

 

 

1 Measures are the same for both the GAAP and Non-GAAP presentation.

2 See tables for reconciliations.

 

Other Relevant Metrics

 

Q3 2018

 

 

Q3 2017

 

Operating Cash Flow 1

 

$

29,398

 

 

$

39,967

 

Cash, Cash Equivalents, S-T Investments and Restricted Cash

 

$

105,435

 

 

$

157,300

 

1 Q3 2017 operating cash flow includes receipt of a late customer payment of approximately $11 million that should have been received in Q2 2017.  Q3 2018 operating cash flow was impacted by approximately $6 million in billings invoiced late in Q3, most of which has already been collected in Q4.

 

Stock Repurchase Program

During the third quarter of 2018, the Company repurchased approximately 461 thousand shares of common stock for an aggregate amount of $7.2 million. These purchases were executed under the Company's stock repurchase program. As of September 30, 2018, the Company had approximately $106 million remaining under its current repurchase program.

Dividends

On September 6, 2018, the Company paid $9.8 million to stockholders of record on August 16, 2018, for the quarterly cash dividend of $0.20 per share of common stock.

Additionally, on October 25, 2018, the Board of Directors approved the quarterly dividend of $0.20 per share of common stock, payable on December 19, 2018, to stockholders of record on November 28, 2018.

 


The following information was filed by Xperi Corp on Wednesday, November 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Xperi Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (Tables)
Composition Of Certain Financial Statement Captions - Accrued Liabilities (Details)
Composition Of Certain Financial Statement Captions - Accumulated Other Comprehensive Loss (Details)
Composition Of Certain Financial Statement Captions - Other Current Assets (Details)
Composition Of Certain Financial Statement Captions - Property And Equipment, Net (Details)
Composition Of Certain Financial Statement Captions Composition Of Certain Financial Statement Captions - Other Income And Expense, Net (Details)
Debt
Debt (Tables)
Debt Narrative (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets Required To Be Measured At Fair Value On Recurring Basis (Detail)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Detail)
Financial Instruments - Estimated Fair Value Of Marketable Debt Securities By Contractual Maturity (Detail)
Financial Instruments - Fair Value And Gross Unrealized Losses Related To Individual Available-For-Sale Securities (Details)
Financial Instruments - Summary Of Marketable Securities (Detail)
Goodwill And Identified Intangible Assets
Goodwill And Identified Intangible Assets (Tables)
Goodwill And Identified Intangible Assets - Estimated Future Amortization Expense Of Intangible Assets, Excluding The In-Process Research And Development (Detail)
Goodwill And Identified Intangible Assets - Identified Intangible Assets (Detail)
Goodwill And Identified Intangible Assets - Schedule Of Goodwill (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Additional Information (Detail)
Net Loss Per Share - Schedule Of Basic And Diluted Net Loss Per Share (Detail)
Revenue
Revenue (Tables)
Revenue - Performance Obligations (Details 1)
Revenue - Performance Obligations (Details)
Revenue - Revenue Recognized In Period (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Details)
Segment And Geographic Information - Schedule Of Geographic Revenue Information (Detail)
Segment And Geographic Information Schedule Of Operating Income (Details)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Tables)
Stock-Based Compensation Expense - Categorized By Equity Components (Detail)
Stock-Based Compensation Expense - Effect Of Recording Stock-Based Compensation Expense (Details)
Stock-Based Compensation Expense - Schedule Of Assumptions Used To Value Options Granted (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Summary Of Restricted Stock Awards And Units (Detail)
Stockholders' Equity - Summary Of Stock Option Activity (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summarize Of Future Minimum Principal Payments For Long-Term Debt (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Cumulative Impact Of Adoption (Details)
Summary Of Significant Accounting Policies - Schedule Of Impact Of Adoption On Condensed Consolidated Financial Statements (Details)
The Company And Basis Of Presentation
The Company And Basis Of Presentation - Narrative (Details)

Material Contracts, Statements, Certifications & more

Xperi Corp provided additional information to their SEC Filing as exhibits

CIK: 1690666
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-028067
Submitted to the SEC: Wed Nov 07 2018 11:31:55 AM EST
Accepted by the SEC: Wed Nov 07 2018
Period: Sunday, September 30, 2018
Industry: Semiconductors And Related Devices

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